Information technology and energy stocks gain in India

Indian shares ended flat on Monday, as losses in top non-banking finance company HDFC countered gains in information technology and energy stocks, while top gold financing company Muthoot Finance fell after the death of its chairman, Reuters reported

The blue chip NSE Nifty 50 index added 0.12% to close at 14,956.20, while the benchmark S&P BSE Sensex gained 0.07% to close at 50,441.07.

Both indexes had gained as much as 1.2% earlier in the session, Reuters reported.

Market sentiment also tracked global shares, which were mixed as initial optimism over the US Senate’s passing of a $1.9 trillion stimulus bill gave way to inflation fears, Reuters reported.

In domestic trading, Muthoot Finance Ltd shed 2.4%, after the company said its chairman M. G. George Muthoot passed away on Friday. Local papers said the chairman fell to his death from the fourth floor of his house.

The Nifty Financial Services Index, which rose 1.62% last week, closed 0.37% lower. HDFC Ltd was the biggest drag to the Nifty 50 index, falling 1.3%.

The Nifty IT index, which rose 3.82% last week, continued to add to its gains, closing 0.47% higher.

The Nifty energy index ended 1.14% higher, amid a surge in Brent crude futures to their highest in more than a year.

Defense, mining equipment and rail coach maker BEML Ltd closed 20% higher after the Mint newspaper reported that at least six companies, including automakers Tata Motors Ltd and Mahindra and Mahindra Ltd, are looking to buy a 26% stake in the state-run company.

Search engine company Just Dial Ltd gained 10% after it signed a deal to become an advertising sponsor for the upcoming season of the Indian Premier League cricket tournament.

The Economic Times newspaper also reported that the digital arm of the Tata Group conglomerate held talks with Just Dial for a strategic alliance or a stake.